Pick a strategy
Choose a strategy and the calculator opens with placeholder legs you can edit: strikes, expiries and the prices from your broker. Everything runs in your browser. There is no account, and the link carries the whole position.
Basic
One option, or shares with one option.
Long CallbullishBuy a call. Profits if the stock rises above the strike by more than the premium before expiry.defined riskLong PutbearishBuy a put. Profits if the stock falls below the strike by more than the premium before expiry.defined riskCovered CallneutralOwn 100 shares and sell a call against them. Collects premium; the upside is capped at the strike.defined riskCash-Secured PutbullishSell a put with the cash to buy the shares set aside. Keeps the premium if the stock stays above the strike.defined riskNaked CallbearishSell a call with nothing behind it. Keeps the premium if the stock stays below the strike; the loss above it is unlimited.undefined riskNaked PutbullishSell a put without the cash set aside. Keeps the premium if the stock stays above the strike.undefined risk
Spreads
Two legs that cap the cost, and usually the risk.
Bull Call SpreadbullishBuy a call and sell a higher call. A cheaper way to be long with a capped payoff.defined riskBear Put SpreadbearishBuy a put and sell a lower put. A cheaper way to be short with a capped payoff.defined riskBull Put Credit SpreadbullishSell a put and buy a lower put for protection. Keeps the credit if the stock stays above the short strike.defined riskBear Call Credit SpreadbearishSell a call and buy a higher call for protection. Keeps the credit if the stock stays below the short strike.defined riskPoor Man's Covered CallbullishA deep in-the-money long-dated call stands in for the shares, with a short near-term call sold against it.defined riskCall CalendarneutralSell a near-term call and buy the same strike further out. Profits from the near leg decaying faster.defined riskPut CalendarneutralSell a near-term put and buy the same strike further out. Profits from the near leg decaying faster.defined riskCall Ratio BackspreadvolatileSell one call and buy two higher calls. Profits from a big rally; a small rise toward the long strikes is the worst case.undefined riskPut Ratio BackspreadvolatileSell one put and buy two lower puts. Profits from a big drop; a small fall toward the long strikes is the worst case.undefined riskCall Ratio SpreadneutralBuy one call and sell two higher calls. Profits from a modest rise; unlimited risk above the short strikes.undefined risk
Advanced
Three or more legs.
Iron CondorneutralSell an out-of-the-money put spread and call spread. Profits if the stock stays between the short strikes.defined riskIron ButterflyneutralSell a straddle at the money and buy wings on both sides. A larger credit than a condor for a narrower profit zone.defined riskCall ButterflyneutralBuy one call below, sell two at the money, buy one above. Cheap, with the best outcome if the stock pins the middle strike.defined riskBroken-Wing Put ButterflybullishA put butterfly with the lower wing moved further out, often placed for a credit so there is no risk to the upside.defined riskCollarneutralOwn 100 shares, buy a protective put and sell a call to pay for it. Caps both the loss and the gain.defined riskMarried PutbullishOwn 100 shares and buy a put as insurance. The loss is capped at the put strike.defined riskCall DiagonalbullishBuy a longer-dated call below the money and sell a near-term call above it. A calendar with a directional lean.defined riskDouble DiagonalneutralAn iron condor whose long wings sit in a later expiry. Collects near-term decay with longer-dated protection.defined riskLong StraddlevolatileBuy a call and a put at the same strike. Profits from a large move in either direction.defined riskShort StraddleneutralSell a call and a put at the same strike. Collects the most premium; loses on a large move either way.undefined riskLong StranglevolatileBuy an out-of-the-money call and put. Cheaper than a straddle; needs a bigger move.defined riskShort StrangleneutralSell an out-of-the-money call and put. Profits if the stock stays inside the strikes.undefined riskCovered StranglebullishOwn 100 shares, sell a call above and a put below. Extra premium, with the obligation to buy more shares lower.undefined riskJade LizardneutralSell a put and a call spread for a total credit larger than the call spread's width, so there is no risk to the upside.undefined riskSynthetic PutbearishShort 100 shares and buy a call. Behaves like a long put.defined riskReverse ConversionanyShort 100 shares, buy a call and sell a put at the same strike. A synthetic long against short stock; an arbitrage or financing position.defined risk
Stock
Shares on their own, for comparison.
Custom
Start small and add legs yourself.